BUA Industries Limited has debunked a claim that the Federal Inland Revenue Service (FIRS) ordered the group to pay a tax liability summing up to N198.7 billion for 2022 within seven days.
The digital news outlet Sahara Reporters had on Thursday published a report that the revenue service gave BUA Industries a seven-day ultimatum “to reconcile with the government or pay N198.7 billion arising from non-compliance with income tax laws and VAT returns remittance.”
The online newspaper cited a letter dated 19 September directed to the managing director of BUA Industries from the FIRS as saying failure by the group to provide requested documents will compel the government agency to apply the provisions of Section 65 (1) of the Companies Income Tax Act and Section 18 of the Value Added Tax Act to compute the tax as per the attached.
